Papaya Global And Accounting Packages FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global And Accounting Packages… roles on the supplier side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very dreary and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll also go over a recap and that must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and managing them becomes more and more intricate International companies are aiming to discover Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment standpoint many companies keep separate checking account just for payroll while some have several accounts in various nations does it make good sense for business to preserve different bank accounts sometimes in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies enhance the episode complex processes of

Making sure accurate, effective, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and find how enhancing global payroll payments can change them from a troublesome task into a strategic asset.

Managing payroll internationally is a difficult job due to various policies, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and services adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.

Standard payroll systems frequently result in manual procedures, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Despite residing in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to provide insights and options to streamline and optimize worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on international payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round it all off and the data is delivered to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be included right and what does

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it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to type of move forward with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely important that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being used by services across the world so again you’re just looking to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or genuine difficult kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single greatest liability that any company has from a cost viewpoint from an impact point of view on employees it is absolutely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful result on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been astonished coming into this Market sort of the last five to 10 years is how little thanks the

payroll team get um so I’m uncertain anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is a terrific initial step um providing an end-to-end payroll option for your employees internationally again I believe is another big um procedure once again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of companies and minimizing the variety of tools platforms and bank accounts they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks

anyhow we understand how how crucial a role it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and sort of shot to return to everyone so carrying on look why do business choose to main separate bank accounts there are Papaya Global And Accounting Packages organizations out there doing precisely this for particular nations and I’ve operated in a service or many organizations doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I believe individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering however ultimately people are very stuck with what they recognize

with right um modification is a challenging thing we all don’t like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining multiple bank accounts however there’s a huge amount of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is big however I think the honest answer is modification um individuals have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to track and this technique does posture several challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so

I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global And Accounting Packages